The war in Ukraine, which has unleashed fears of an energy supply crunch and pushed oil prices to record highs, has brought back to the forefront the conversation about the need for new investments in oil and gas for the foreseeable future. That’s in stark contrast to calls almost a year ago by the International Energy Agency (IEA) to forgo investment in fossil fuels in the race to a net-zero emissions world….
Gulf oil producers do not envisage a post-2050 world devoid of hydrocarbons, even though two of the region’s biggest producers, the UAE and Saudi Arabia, have committed to net-zero carbon emissions by 2050 and 2060, respectively. Reconciling their future environmental commitments with their current reliance on hydrocarbons is going to be an arduous and expensive journey that starts with decarbonizing their oil and gas production to reduce their carbon footprint…
Saudi Arabia declared a price war against Russia in early March to prove a point: that it can offer an unprecedented supply of 12.3 million barrels per day, way above the record 11 million b/d it reached in November 2018, and expand its market share at the expense of Moscow. As the coronavirus pandemic brings the world to a standstill, the question is how long it can sustain this war….
Russia has decided to go to war against U.S. shale, dropping its alliance with OPEC that helped save the day when a glut in oil markets was biting hard at its revenues. Saudi Arabia launched a price war in retaliation at Russia’s refusal to agree to deeper output cuts, slashing the official price of its crude by the most in more than two decades and vowing to increase output by…
